Voluntary Bankruptcies Brisbane, Gold Coast
Bankruptcy does not alter the ownership of property that is owned in joint tenancy, except when the property is specifically vested in the trustee in bankruptcy. There are a number of exemptions that individuals are able to retain as bankrupts – some examples follow:
- Motor vehicles with a value exceeding $7,700
- Tools with a value exceeding $3,750
- Funds in a regulated superannuation fund
- Assets held as Trustee
- Necessary household items
- Life insurance or endowment policies
- Certain damages and compensation payments
- Sentimental property
Bankrupts are subject to annual income assessments to determine whether they are required to pay compulsory income into their bankrupt estate. A person with no dependants may earn an after-tax income of $54,736.50 before being liable to pay any income contributions.
If you have been declared bankrupt, you must tell a creditor that you have been declared bankrupt if you are seeking goods or services on credit, by hire purchase or cheque; when leasing, hiring or promising to pay for goods and services; or when seeking to obtain an amount by promising to supply goods or render services for amounts exceeding $5,546.
A Trustee in Bankruptcy will undertake investigations into the affairs of the bankrupt which include inquiries into any:
- Preferences
- Undervalued transactions
- Transfers to defeat creditors
A bankruptcy does not release an individual from the following:
- Child support payments
- Maintenance debts
- Various student loans (HECS / HELP)
- Files or penalties of the Court
- Liabilities arising from fraud
You can contact Brisbane Debt Solutions for information about bankruptcy, including the implications and consequences of a bankruptcy and the completion of a Statement of Affairs. We are also available to administer your bankrupt estate if you choose to file for bankruptcy.